That should keep him quiet for a while... Jaguar Financial's Vic Alboini suspended, banned and fined

Just the other day I sent out a tweet saying "Just realized we haven't heard a peep out of the "cat" since @cumiastowski and I wrote that article months back... we actually silenced him?!"

Those who follow the CrackBerry beat know the cat I was referring to was the self-proclaimed "RIM activist shareholder" Vic Alboini of Jaguar Financial and Northern Securities. And it's true. Since we published our in-depth feature article detailing our distaste for Alboini's media tactics -- which we believe cause more harm than good for Research In Motion shareholders -- we really haven't seen Alboini's name or heard a peep out of him in the news.

That is of course, until tonight, when the Investment Industry Regulatory Organization of Canada declawed the cat, ruling against Alboini for "conduct unbecoming or detrimental to the public interest" over the period of 2006 to 2010. The IIROC has suspended Alboini for two years and permanently banned him as an "ultimate designated person" at an investment dealer. He's been fined $625,000 and ordered to pay costs of $125,000.

Since Alboini is the kind of guy who loves to see his name in headlines, we'll let you click through on a couple below for more details. Meow.

Reader comments

That should keep him quiet for a while... Jaguar Financial's Vic Alboini suspended, banned and fined

This decision goes back to a 2008 investigation of his and His company's dealings. They are no strangers to running afoul of the financial and investment regulatory bodies. If some of the media outlets giving him so ink and air time had done their research very few people would be listening to him at all. Ironic that he was calling RIM into question for improper governance. More of his history can be seen at http://www.financialpost.com/m/wp/news/fp-street/blog.html?b=business.fi...

So your asking for a ban of 100% of the big players including all major to minor investment financial firms. Wake up call the stock market is the biggest sham and ponzy scheme that ever was created. Maydaf and enron where scapegoats that got caught. All of the big players use the little guys money to make billions while they pilfer ever last cent from the small fish. Here is a tip for the everyday hard working joe. Dont invest your money in stock or bonds, buy property or save it.

How about that Vic?! Finally got what you deserved… What about the rest of the analyst that do nothing but create phony news about BB damaging the image and the stock price of the company? But I guess that’s exactly why major tech companies in US spend more money on lobbying than on R&D…

Kevin, when you and I listened to him decreeing and proselytizing to the media after the AGM, I couldn't remember whom he reminded me of ... and NOW I know (yes, I know, only took +/-4 months, hey: "I'm busy here"):
"a quiet, softer-spoken version of Joe Pesci's character in Goodfellas who was looking to get made"

Looks like this sheyster finally got his whacking, but I take issue with "Jimcmf"s (i.e. alias for Balsillie??) comment above about "poor Mike and Jim" ...

"Those two" were just as complicit in RIM's stumble and fallas the media that's been basking in their headlines, via the people they hired (or didn't), the corporate culture they created & fostered, as well as their own negligent thoughts, actions and (well- and lesser-known) distractions.

There is plenty of evidence that RIM's leaders stuck their heads in the sand, blatantly ignored competitive developments and threats, refused to engage end-users via credible Marketing, and that not enough was done to "step up" the reaction and development once competitive threats appeared.

Mike told me so using almost those exact words after the 2005 AGM.
In "my" opinion, BOTH, Mike and Jim were callous and borderline negligent in their leadership duties to the company itself and shareholders in general. How that affected or spread-to the VPs and Sr. management ranks is unknown & unimportant.
Fact is, the ship was without BOTH "fully focused and engaged" Captains at a time when they needed to be there most.

The ONE - the ONLY! - acceptable thing Alboni did was demand accountability for their failings by drawing attention to the fact that not just Mike and Jim but also (many of) their Senior Management team were outright failing the company, the Brand, the technology, their shareholders and ultimately, their employees and the communities they call home.

If there wasn't at least "some" valid speck of truth in his, at times ludicrous, points and rants, Mike and Jim might never have fallen on their swords and we'd now be on "Storm 5" BBs.

Whether Alboni had a credible right to be there and make such demands isn't within my power to decide.
Whatever his ulterior motives and agenda were, or might have been, may never be known, and it's not important anyhow. The fact is, even scum-suckers and dung beetles have a purpose, and sometimes they get squashed along the way.
Welcome to your dung heap, Alboni.

as most of what your saying is true.. But wasn't the old regime that collected and put all the pieces of this new OS together. They may have been slow and lacked the focus, but to there credit they did have the vision to bring together, what will hopefully be a great OS.

Vic got caught and is being bitched slapped, which is good because it couldn't happen to a sweeter fellow. Unfortunately he's only one of the many problems in the whole financial industry. The bigger problem continues with more people like him playing with money and ripping people off...

The charges, as far as we know, might not even be BlackBerry related or even BlackBerry instigated. Even so, an independent body, the Investment Industry Regulatory Organization of Canada, determined he was out of order and had violated THEIR codes of conduct. At what part of this article does it even suggest the charges came from BlackBerry?

Well, this is certainly one way to ensure people see your name in the headlines. The fine is a clear message, however the unfortunate reality is the fine's value will be one year's worth of bonus, if even that. So it may seem substantial to most folks, it's unfortunately equivalent to a slap on the wrist for a fellow in his income bracket.

His credibility with the press and in the investment industry though is a different matter altogether. Let's see if we see his comments posted as often and by whom.

Thanks CB for the update! I feel like going to "Just Desserts" for a sundae.

Glad someone shut him up as he was publicly a neusence. He got what he deserved, sadly he was just doing his job. Only mistake he has done was go public, the stock investment world is filled with people like him that lie and do inside trading every single day. That is how the stock market works, the honest small fish individuals get hosed and lose everything, or squeak a small return. The liers and manipulators make millions. How sad is that.

I have said that I didn't like or trust this "Bean" looking character since day one and I said it in these very pages and I will say it again, but not really necessary now, the "cat" is out of the bag.

I knew there was a rat somewhere - causing bad press In the ranks I would not be surprised if he was getting paid off by apple too , to keep up the smear campaign ... this is definitely good news just have to stay vigilant on these sort of clowns interfering ...

Can´t help, but the shmock Vic looks like the android "Ash" (performed by the actor Ian Holm) in the SF-Thriller "Alien" (Part 1, 1979).... I wonder if there would be also a milky fluid ooze out if he would beheaded.....:-)

It was ridiculous how some in the media would keep including him as an "activist" shareholder that spoke for entities holding up to 6 or 8 percent of the company when a quick internet search showed that he had frittered away his capital and Jaguar was down to $6 million in equity.

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